NEW YORK, Aug. 24, 2020 /PRNewswire/ -- As the pandemic continues to put enormous pressure on the economy and especially on retail and small businesses, it is the e-commerce market that has emerged as a clear winner. According to data published by the U.S. Department of Commerce, e-commerce sales in the U.S have increased significantly. The report indicates quarterly e-commerce sales for the 2nd quarter of this year, with estimated sales for the second quarter adjusted for seasonal variation, but not for price changes, of USD 211.5 billion, an increase of 31.8 percent (±1.2%) from the first quarter of 2020. Predictably, the largest retailers with an online presence like Amazon, Walmart and Target have benefited most from the rapid shift towards online purchasing. Walmart in particular, which has been trying to expand its online business in recent years to compete with Amazon, has reported e-commerce sales increase of 97% in the fiscal second quarter. TD Holdings, Inc. (NASDAQ: GLG), JD.com, Inc. (NASDAQ: JD), Alibaba Group Holding Limited (NYSE: BABA), 58.com Inc. (NYSE: WUBA), Pinduoduo Inc. (NASDAQ: PDD)
By region, the Asian-Pacific region is expected to remain supreme. China in particular has long been the world's largest market for e-commerce, but this year it will overtake the US to become the world's largest overall retail market for the first time, despite substantial economic headwinds caused by the pandemic, according to eMarketer. "Alibaba, JD.com and Pinduoduo will command 83.6% of the retail ecommerce market in 2020, compared with 80.3% last year. This growth (including Alibaba's first share increase in many years) can be traced to their diversified product offerings and resilient logistics, which enabled them to serve consumers during the pandemic better than their smaller competitors," eMarketer indicates.
TD Holdings, Inc. (NASDAQ: GLG) announced breaking news last week, "to enter into a strategic framework agreement with Tongdow E-commerce Group ("Tongdow E-commerce") through Shanghai Jianchi Supply Chain Co.,Ltd. ("Shanghai Jianchi"), the Company's wholly owned subsidiary. Tongdow E-Commerce recently has engaged the wholly owned subsidiary of JD Digits Technology Group ("JD Digits") and launched an online commodity trading enterprise payment system on Tongdow E-Commerce's online trading platform.
JD Digits was first established as part of JD.com, Inc. (Nasdaq: JD), and later became an independent technology company dedicated to the digitalization of AI-driven industries. It uses digital technology to serve the financial and real sectors and help related industries in achieving Internetization, digitization, and intelligentization. JD Finance is one of the core business modules of JD Digit's corporate services. It aims to provide unified external services through account management, transaction settlement, payment and unites supply chain financing, financial technology, and other business segments to meet the diverse transaction scenarios and needs of corporate users in various industries, providing enterprises with a one-stop business service platform.
The Company, through its wholly owned subsidiary Shanghai Jianchi., has entered into a strategic cooperation framework agreement with Tongdow E-commerce and Beijing Tongbang Zhuoyi Technology, which is a wholly owned subsidiary of JD Digits, jointly providing customers with comprehensive services such as payment and supply chain management.
The launch of the commodity online payment platform represents the beginning of the cooperation with TD Holdings and JD Digits. In the future, the Company plans to develop deeper cooperation with JD Digits with respect to payment, supply chain financing, IoT-enhanced warehouses, etc., to provide commodity trading companies with integrated solutions for online payments and FinTech needs.
About TD Holdings, Inc.: TD Holdings, Inc. (Nasdaq: GLG) is a commodities trading service provider conducted under the brand name "Huamucheng" by the Company's wholly owned subsidiary, Shenzhen Huamucheng Trading Co., Ltd headquartered in Shenzhen. For more information please visit http://ir.tdglg.com."
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JD.com, Inc. (NASDAQ: JD) through its subsidiaries, operates as an e-commerce company and retail infrastructure service provider in the People's Republic of China. It operates in two segments, JD Retail and New Businesses. This week the Company announced its unaudited financial results for the three months and six months ended June 30, 2020. Net revenues for the second quarter of 2020 were RMB201.1 billion (US$ 28.5 billion), an increase of 33.8% from the second quarter of 2019. Net revenues from the sales of general merchandise products for the second quarter of 2020 were RMB64.0 billion (US$9.1 billion), an increase of 45.4% from the second quarter of 2019. Net service revenues for the second quarter of 2020 were RMB22.9 billion (US$3.2 billion), an increase of 36.4% from the second quarter of 2019.
Alibaba Group Holding Limited (NYSE: BABA) announced back in June that it hit new milestones as sellers from U.S. grow at fastest rate worldwide, U.S. buyers increase more than 70% year over year and overall transactions by U.S. businesses on Alibaba.com increase more than 100%. "Doing business online is the bridge for American small businesses through this crisis and into the next decade," said John Caplan, President of North America and Europe of Alibaba.com. "We are accelerating our transformation to get both sellers and buyers quickly set up for success and provide the critical tools and services that are required for growth - access to supply and demand, shipping and logistics, and working capital. Ultimately, our goal is to give SMBs even greater access to the $23.9 trillion global B2B ecommerce opportunity – which is six times the size of the B2C ecommerce market."
58.com Inc. (NYSE: WUBA) operates various multi-category online classifieds platforms and vertical listing platforms that enable local businesses and consumers to connect, share information, and conduct business in the People's Republic of China. Earlier in May the Company announced that Zhuan Zhuan, an online used goods trading platform and a consolidated subsidiary of 58.com, has entered into definitive agreements to acquire 100% equity interest in Shenzhen Wanshifu Technology Co., Ltd. ("Shenzhen Wanshifu Technology") with a combination of cash in the amount of RMB360 million and newly issued Zhuan Spirit Holdings Limited shares, Zhuan Zhuan's ultimate holding company. Shenzhen Wanshifu Technology operates the Zhaoliangji app (which translates into 'find nice phone'), an online platform for used mobile phones and accessories in China.
Pinduoduo Inc. (NASDAQ: PDD) a technology platform for Chinese e-commerce players, announced back in May its unaudited financial results for the first quarter ended March 31st, 2020. "Despite the unprecedented challenges in the first quarter, Pinduoduo has grown and now serves more than 600 million active buyers. We're encouraged to see our next generation of leaders stepping up and shouldering the responsibilities of serving our users," said Mr. Zheng Huang, Chairman and Chief Executive Officer of Pinduoduo. "We remain committed to our users, merchants and ecosystem partners during this difficult period. In the first quarter, we adopted numerous measures to support them, including providing free traffic to farmers and small businesses, and stabilizing the prices of medical and other daily necessities that were in high demand."
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